Insight
Lee: Building a Great Startup Isn't About Condensing Your Ideas
“Building a startup isn't about condensing your ideas. It's not about building a startup is not about saying, I can't do that. Right? Building and shooting for something great is, yeah, we can do that. Why not? And you give it a shot. My point is basically, you…”
Prediction Not checkable as stated
Lee: Rooted Calculates Three-Year Customer LTV at Around $150
“And we think that an average LTV probably looks at around three years. And so we've calculated that that would be around a 150 dollars.”
Opinion
Ryan Lee: Building supply-side nursery tech mirrors Uber and OpenTable
“I don't think it's that different from other consumer tech businesses that you think about. Like, if you think about even Uber, for example, right? They spit up 10 times the amount of technology and services and tools for the driver sides, right? Not just that…”
Disclosure
Lee: Rooted's Customer Retention Is Currently a Challenging 15% to 20%
“I think customer retention solving for that long-term and bringing that up to 60 to 70% and not the 15 to 20% that we have right now.”
Assertion Not checkable as stated
Lee: Rooted's Instagram CAC is $45 on Early Ad Spend
“I know right now our cost of acquisition on Instagram is 45 dollars after a couple thousand dollars of spend.”
Assertion Not checkable as stated
Rooted Generates $75,000 in Monthly Revenue
“75,000 dollars in revenue a month.”
Assertion Not checkable as stated
Rooted: 85% of Revenue Currently Comes from Offline Sales
“And 85% of that is offline right now in terms of retail sales.”
Assertion Partly supported
Lee: Rooted Provides Plant Services to Facebook, BuzzFeed, and Nike
“So we have a store in Williamsburg, and then we do a lot of business services types of arrangements with companies like Facebook and BuzzFeed and Chovani and Nike where we do plant installations, rentals, and so forth.”
Disclosure
Lee: Rooted sales have grown 80% quarter-over-quarter
“Our total sales have gone up 80% quarter over quarter this year.”
Disclosure
Lee: Rooted Seeks $2M to Open SF and LA Retail Operations
“Yes, we're planning to, we want to raise two million dollars, and with some of those funds, we want to open up operations in the Bay Area and in Los Angeles.”
Disclosure
Lee: Rooted Will Build ERP Software for Independent Plant Nurseries
“We will probably end up building some lightweight ERP software for them. Because they don't track their inventory right now.”
Assertion Not checkable as stated
Lee: 87% of Rooted Customers Lack Plant-Care Confidence
“87% of our customers have very little to no confidence that they can keep a plant alive.”
Assertion Supported
Lee: The US lawn and garden market is worth $50B
“So the lawn and garden industry today in America is fifty billion dollars.”
